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Joules expects full year revenue and profit to beat expectations

Joules is now anticipating that its full year revenues and profits will be ahead of expectations following the government’s announcement of the timetable for the easing… View Article

FASHION

Joules expects full year revenue and profit to beat expectations

Joules is now anticipating that its full year revenues and profits will be ahead of expectations following the government’s announcement of the timetable for the easing of lockdown restrictions across the hospitality and leisure sectors yesterday.

In a statement, the fashion and lifestyle retailer said it had been encouraged by the announcement and by the positive trading it had experienced since the unveiling of its interim results on 27 January.

Joules said its online channels have continued to deliver strong growth with demand on its own websites increasing by around 50% in the year to date. Friends of Joules, the group’s digital lifestyle marketplace of third-party brands, has also continued its strong growth momentum.

Meanwhile, sales in Joules stores have performed ahead of management’s expectations since re-opening on 12 April. The retailer attributed the performance to a combination of pent-up consumer demand and the predominantly lifestyle locations of its store estate.

Since the announcement of its interim results, Joules has opened new shops in North Berwick and Centre Parcs in Woburn and Longleat. It has also relocated two stores to improved locations in Beverley and Cirencester.

Nick Jones, chief executive of Joules, said: “We are delighted with the group’s continued momentum, which reflects the strength of our product proposition, the flexibility and diversification of our business model, and the relevance of our brand to an increasing number of customers.

“Although the past 12 months has been incredibly challenging for the retail sector, I truly believe that Joules is now in an even stronger position than ever before. We have an increasingly digital-led business, more diversified income streams and a broader product proposition that is highly relevant to our customers’ lifestyles.”

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